BETHESDA, MD—Taking advantage of the still favorable capitalmarket conditions, last week Pebblebrook HotelTrust tapped the public markets with a common shareoffering of 3 million shares – and offering thatwas then expanded to include 450,000 additional shares issued whenthe underwriter exercised its option to purchase additional shares.The REIT is netting $131.4 million from theoffering, minus expenses.
Pebblebrook will use the net proceeds to repay the approximately$91 million outstanding on its senior unsecured revolving creditfacility. The remainder will be used for general corporatepurposes, which may include acquisitions or investments.
Raymond James was the sole book-running manager for theoffering.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
